103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3343 Introduced 2/7/2024, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: See Index Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes. LRB103 37121 JRC 67240 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3343 Introduced 2/7/2024, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: See Index See Index Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes. LRB103 37121 JRC 67240 b LRB103 37121 JRC 67240 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3343 Introduced 2/7/2024, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.
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A BILL FOR
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1 AN ACT concerning civil law.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Officers and Employees Money
5 Disposition Act is amended by changing Section 2 as follows:
6 (30 ILCS 230/2) (from Ch. 127, par. 171)
7 Sec. 2. Accounts of money received; payment into State
8 treasury.
9 (a) Every officer, board, commission, commissioner,
10 department, institution, arm or agency brought within the
11 provisions of this Act by Section 1 shall keep in proper books
12 a detailed itemized account of all moneys received for or on
13 behalf of the State of Illinois, showing the date of receipt,
14 the payor, and purpose and amount, and the date and manner of
15 disbursement as hereinafter provided, and, unless a different
16 time of payment is expressly provided by law or by rules or
17 regulations promulgated under subsection (b) of this Section,
18 shall pay into the State treasury the gross amount of money so
19 received on the day of actual physical receipt with respect to
20 any single item of receipt exceeding $10,000, within 24 hours
21 of actual physical receipt with respect to an accumulation of
22 receipts of $10,000 or more, or within 48 hours of actual
23 physical receipt with respect to an accumulation of receipts
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3343 Introduced 2/7/2024, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Amends the State Officials and Employees Money Disposition Act. Provides that examiners of unclaimed property which is reported and remitted to the State Treasurer and custodians contracted by the State of Illinois to hold presumptively abandoned securities or virtual currency may deduct fees prior to remittance in accordance with the Revised Uniform Unclaimed Property Act. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of property presumed to be abandoned to a corporate bond (rather than a state or municipal bond.) If a holder cannot liquidate virtual currency and cannot otherwise cause virtual currency to be liquidated, requires the holder to promptly notify the administrator in writing. The administrator may direct the holder to either (1) transfer the virtual currency that cannot be liquidated to a custodian selected by the administrator, or (2) continue to hold the virtual currency until the administrator or the holder determines that the virtual currency can be liquidated pursuant to this Act or there is an indication of apparent owner interest. Provides that the sole administrative and legal procedure for claiming property is under this Act. Requires compliance with this Act before exercising the exclusive judicial remedy. Any appeal from the administrator's decision under the Illinois Administrative Procedure Act must be taken under the provisions of the Administrative Review Law. In governing void agreements, provides that this Section does not apply to an apparent owner's agreement with a CPA firm licensed under the Illinois Public Accounting Act or with an affiliate of such firm under certain conditions. Makes other changes.
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A BILL FOR
See Index
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1 exceeding $500 but less than $10,000, disregarding holidays,
2 Saturdays and Sundays, after the receipt of same, without any
3 deduction on account of salaries, fees, costs, charges,
4 expenses or claims of any description whatever; provided that:
5 (1) the provisions of (i) Section 2505-475 of the
6 Department of Revenue Law, (ii) any specific taxing
7 statute authorizing a claim for credit procedure instead
8 of the actual making of refunds, (iii) Section 505 of the
9 Illinois Controlled Substances Act, (iv) Section 85 of the
10 Methamphetamine Control and Community Protection Act,
11 authorizing the Director of the Illinois State Police to
12 dispose of forfeited property, which includes the sale and
13 disposition of the proceeds of the sale of forfeited
14 property, and the Department of Central Management
15 Services to be reimbursed for costs incurred with the
16 sales of forfeited vehicles, boats or aircraft and to pay
17 to bona fide or innocent purchasers, conditional sales
18 vendors or mortgagees of such vehicles, boats or aircraft
19 their interest in such vehicles, boats or aircraft, and
20 (v) Section 6b-2 of the State Finance Act, establishing
21 procedures for handling cash receipts from the sale of
22 pari-mutuel wagering tickets, shall not be deemed to be in
23 conflict with the requirements of this Section;
24 (2) any fees received by the State Registrar of Vital
25 Records pursuant to the Vital Records Act which are
26 insufficient in amount may be returned by the Registrar as
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1 provided in that Act;
2 (3) any fees received by the Department of Public
3 Health under the Food Handling Regulation Enforcement Act
4 that are submitted for renewal of an expired food service
5 sanitation manager certificate may be returned by the
6 Director as provided in that Act;
7 (3.5) examiners of unclaimed property which is
8 reported and remitted to the State Treasurer and
9 custodians contracted by the State of Illinois to hold
10 presumptively abandoned securities or virtual currency may
11 deduct fees prior to remittance in accordance with the
12 Revised Uniform Unclaimed Property Act the State Treasurer
13 may permit the deduction of fees by third-party unclaimed
14 property examiners from the property recovered by the
15 examiners for the State of Illinois during examinations of
16 holders located outside the State under which the Office
17 of the Treasurer has agreed to pay for the examinations
18 based upon a percentage, in accordance with the Revised
19 Uniform Unclaimed Property Act, of the property recovered
20 during the examination; and
21 (4) if the amount of money received does not exceed
22 $500, such money may be retained and need not be paid into
23 the State treasury until the total amount of money so
24 received exceeds $500, or until the next succeeding 1st or
25 15th day of each month (or until the next business day if
26 these days fall on Sunday or a holiday), whichever is
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1 earlier, at which earlier time such money shall be paid
2 into the State treasury, except that if a local bank or
3 savings and loan association account has been authorized
4 by law, any balances shall be paid into the State treasury
5 on Monday of each week if more than $500 is to be deposited
6 in any fund.
7 Single items of receipt exceeding $10,000 received after 2
8 p.m. on a working day may be deemed to have been received on
9 the next working day for purposes of fulfilling the
10 requirement that the item be deposited on the day of actual
11 physical receipt.
12 No money belonging to or left for the use of the State
13 shall be expended or applied except in consequence of an
14 appropriation made by law and upon the warrant of the State
15 Comptroller. However, payments made by the Comptroller to
16 persons by direct deposit need not be made upon the warrant of
17 the Comptroller, but if not made upon a warrant, shall be made
18 in accordance with Section 9.02 of the State Comptroller Act.
19 All moneys so paid into the State treasury shall, unless
20 required by some statute to be held in the State treasury in a
21 separate or special fund, be covered into the General Revenue
22 Fund in the State treasury. Moneys received in the form of
23 checks, drafts or similar instruments shall be properly
24 endorsed, if necessary, and delivered to the State Treasurer
25 for collection. The State Treasurer shall remit such collected
26 funds to the depositing officer, board, commission,
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1 commissioner, department, institution, arm or agency by
2 Treasurers Draft or through electronic funds transfer. The
3 draft or notification of the electronic funds transfer shall
4 be provided to the State Comptroller to allow deposit into the
5 appropriate fund.
6 (b) Different time periods for the payment of public funds
7 into the State treasury or to the State Treasurer, in excess of
8 the periods established in subsection (a) of this Section, but
9 not in excess of 30 days after receipt of such funds, may be
10 established and revised from time to time by rules or
11 regulations promulgated jointly by the State Treasurer and the
12 State Comptroller in accordance with the Illinois
13 Administrative Procedure Act. The different time periods
14 established by rule or regulation under this subsection may
15 vary according to the nature and amounts of the funds
16 received, the locations at which the funds are received,
17 whether compliance with the deposit requirements specified in
18 subsection (a) of this Section would be cost effective, and
19 such other circumstances and conditions as the promulgating
20 authorities consider to be appropriate. The Treasurer and the
21 Comptroller shall review all such different time periods
22 established pursuant to this subsection every 2 years from the
23 establishment thereof and upon such review, unless it is
24 determined that it is economically unfeasible for the agency
25 to comply with the provisions of subsection (a), shall repeal
26 such different time period.
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1 (Source: P.A. 102-538, eff. 8-20-21.)
2 Section 10. The Revised Uniform Unclaimed Property Act is
3 amended by changing Sections 15-201, 15-301, 15-501, 15-503,
4 15-603, 15-903, 15-906, and 15-1302 as follows:
5 (765 ILCS 1026/15-201)
6 Sec. 15-201. When property presumed abandoned. Subject to
7 Section 15-210, the following property is presumed abandoned
8 if it is unclaimed by the apparent owner during the period
9 specified below:
10 (1) a traveler's check, 15 years after issuance;
11 (2) a money order, 5 years after issuance;
12 (3) any instrument on which a financial organization
13 or business association is directly liable, other than a
14 money order, 3 years after issuance;
15 (4) a corporate state or municipal bond, bearer bond,
16 or original-issue-discount bond, 3 years after the
17 earliest of the date the bond matures or is called or the
18 obligation to pay the principal of the bond arises;
19 (5) a debt of a business association, 3 years after
20 the obligation to pay arises;
21 (6) financial organization deposits as follows:
22 (i) a demand deposit, 3 years after the date of the
23 last indication of interest in the property by the
24 apparent owner;
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1 (ii) a savings deposit, 3 years after the date of
2 last indication of interest in the property by the
3 apparent owner;
4 (iii) a time deposit for which the owner has not
5 consented to automatic renewal of the time deposit, 3
6 years after the later of maturity or the date of the
7 last indication of interest in the property by the
8 apparent owner;
9 (iv) an automatically renewable time deposit for
10 which the owner consented to the automatic renewal in
11 a record on file with the holder, 3 years after the
12 date of last indication of interest in the property by
13 the apparent owner, following the completion of the
14 initial term of the time deposit and one automatic
15 renewal term of the time deposit;
16 (6.5) virtual currency, 5 years after the last
17 indication of interest in the property;
18 (7) money or a credit owed to a customer as a result of
19 a retail business transaction, other than in-store credit
20 for returned merchandise, 3 years after the obligation
21 arose;
22 (8) an amount owed by an insurance company on a life or
23 endowment insurance policy or an annuity contract that has
24 matured or terminated, 3 years after the obligation to pay
25 arose under the terms of the policy or contract or, if a
26 policy or contract for which an amount is owed on proof of
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1 death has not matured by proof of the death of the insured
2 or annuitant, as follows:
3 (A) with respect to an amount owed on a life or
4 endowment insurance policy, the earlier of:
5 (i) 3 years after the death of the insured; or
6 (ii) 2 years after the insured has attained,
7 or would have attained if living, the limiting age
8 under the mortality table on which the reserve for
9 the policy is based; and
10 (B) with respect to an amount owed on an annuity
11 contract, 3 years after the death of the annuitant.
12 (9) funds on deposit or held in trust pursuant to the
13 Illinois Funeral or Burial Funds Act, the earliest of:
14 (A) 2 years after the date of death of the
15 beneficiary;
16 (B) one year after the date the beneficiary has
17 attained, or would have attained if living, the age of
18 105 where the holder does not know whether the
19 beneficiary is deceased;
20 (C) 40 years after the contract for prepayment was
21 executed, unless the apparent owner has indicated an
22 interest in the property more than 40 years after the
23 contract for prepayment was executed, in which case, 3
24 years after the last indication of interest in the
25 property by the apparent owner;
26 (10) property distributable by a business association
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1 in the course bankruptcy or of dissolution or
2 distributions from the termination of a retirement plan,
3 one year after the property becomes distributable;
4 (11) property held by a court, including property
5 received as proceeds of a class action, 3 years after the
6 property becomes distributable;
7 (12) property held by a government or governmental
8 subdivision, agency, or instrumentality, including
9 municipal bond interest and unredeemed principal under the
10 administration of a paying agent or indenture trustee, 3
11 years after the property becomes distributable;
12 (12.5) amounts payable pursuant to Section 20-175 of
13 the Property Tax Code, 3 years after the property becomes
14 payable;
15 (13) wages, commissions, bonuses, or reimbursements to
16 which an employee is entitled, or other compensation for
17 personal services, including amounts held on a payroll
18 card, one year after the amount becomes payable;
19 (14) a deposit or refund owed to a subscriber by a
20 utility, one year after the deposit or refund becomes
21 payable, except that any capital credits or patronage
22 capital retired, returned, refunded or tendered to a
23 member of an electric cooperative, as defined in Section
24 3.4 of the Electric Supplier Act, or a telephone or
25 telecommunications cooperative, as defined in Section
26 13-212 of the Public Utilities Act, that has remained
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1 unclaimed by the person appearing on the records of the
2 entitled cooperative for more than 2 years, shall not be
3 subject to, or governed by, any other provisions of this
4 Act, but rather shall be used by the cooperative for the
5 benefit of the general membership of the cooperative; and
6 (15) property not specified in this Section or
7 Sections 15-202 through 15-208, the earlier of 3 years
8 after the owner first has a right to demand the property or
9 the obligation to pay or distribute the property arises.
10 Notwithstanding anything to the contrary in this Section
11 15-201, and subject to Section 15-210, a deceased owner cannot
12 indicate interest in his or her property. If the owner is
13 deceased and the abandonment period for the owner's property
14 specified in this Section 15-201 is greater than 2 years, then
15 the property, other than an amount owed by an insurance
16 company on a life or endowment insurance policy or an annuity
17 contract that has matured or terminated, shall instead be
18 presumed abandoned 2 years from the date of the owner's last
19 indication of interest in the property.
20 (Source: P.A. 102-288, eff. 8-6-21; 103-148, eff. 6-30-23.)
21 (765 ILCS 1026/15-301)
22 Sec. 15-301. Address of apparent owner to establish
23 priority. In this Article, the following rules apply:
24 (1) The last-known address of an apparent owner is any
25 description, code, or other indication of the location of
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1 the apparent owner which identifies the state, even if the
2 description, code, or indication of location is not
3 sufficient to direct the delivery of first-class United
4 States mail to the apparent owner.
5 (2) If the United States postal zip code associated
6 with the apparent owner is for a post office located in
7 this State, this State is deemed to be the state of the
8 last-known address of the apparent owner unless other
9 records associated with the apparent owner specifically
10 identify the physical address of the apparent owner to be
11 in another state.
12 (3) If the address under paragraph (2) is in another
13 state, the other state is deemed to be the state of the
14 last-known address of the apparent owner.
15 (4) The address of the apparent owner of a life or
16 endowment insurance policy or annuity contract or its
17 proceeds is presumed to be the address of the insured or
18 annuitant if a person other than the insured or annuitant
19 is entitled to the amount owed under the policy or
20 contract and the address of the other person is not known
21 by the insurance company and cannot be determined under
22 Section 15-302. The address of the apparent owner of other
23 property where ownership vests in a beneficiary upon the
24 death of the owner is presumed to be the address of the
25 now-deceased owner if the address of the beneficiary is
26 not known by the holder and cannot be determined under
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1 Section 15-302.
2 (5) The address of the owner of other property where
3 ownership vests in a beneficiary upon the death of the
4 owner is presumed to be the address of the deceased owner
5 if the address of the beneficiary is not known by the
6 holder and cannot be determined under Section 15-302.
7 (Source: P.A. 100-22, eff. 1-1-18.)
8 (765 ILCS 1026/15-501)
9 Sec. 15-501. Notice to apparent owner by holder.
10 (a) Subject to subsections (b) and (c), the holder of
11 property presumed abandoned shall send to the apparent owner
12 notice by first-class United States mail that complies with
13 Section 15-502 in a format acceptable to the administrator not
14 more than one year nor less than 60 days before filing the
15 report under Section 15-401 if:
16 (1) the holder has in its records an address for the
17 apparent owner which the holder's records do not disclose
18 to be invalid and is sufficient to direct the delivery of
19 first-class United States mail to the apparent owner; and
20 (2) the value of the property is $50 or more.
21 (b) If an apparent owner has consented to receive
22 electronic-mail delivery from the holder, the holder shall
23 send the notice described in subsection (a) both by
24 first-class United States mail to the apparent owner's
25 last-known mailing address and by electronic mail, unless the
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1 holder believes that the apparent owner's electronic-mail
2 address is invalid.
3 (c) The holder of virtual currency or securities presumed
4 abandoned under Sections 15-202, 15-203, or 15-208 shall send
5 to the apparent owner notice by certified United States mail
6 that complies with Section 15-502 in a format acceptable to
7 the administrator not less than 60 days before filing the
8 report under Section 15-401 if:
9 (1) the holder has in its records an address for the
10 apparent owner which the holder's records do not disclose
11 to be invalid and is sufficient to direct the delivery of
12 United States mail to the apparent owner; and
13 (2) the value of the property is $1,000 or more.
14 (d) In addition to other indications of an apparent
15 owner's interest in property pursuant to Section 15-210, a
16 signed return receipt in response to a notice sent pursuant to
17 this Section by certified United States mail shall constitute
18 a record communicated by the apparent owner to the holder
19 concerning the property or the account in which the property
20 is held.
21 (e) The administrator may adopt rules allowing a holder to
22 deduct reasonable costs incurred in sending a notice by United
23 States mail under this Section.
24 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
25 (765 ILCS 1026/15-503)
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1 Sec. 15-503. Notice by administrator.
2 (a) The administrator shall give notice to an apparent
3 owner that property presumed abandoned and appears to be owned
4 by the apparent owner is held by the administrator under this
5 Act.
6 (b) In providing notice under subsection (a), the
7 administrator shall:
8 (1) except as otherwise provided in paragraph (2),
9 send written notice by first-class United States mail to
10 each apparent owner of property valued at $100 or more
11 held by the administrator, unless the administrator
12 determines that a mailing by first-class United States
13 mail would not be received by the apparent owner, and, in
14 the case of a security held in an account for which the
15 apparent owner had consented to receiving electronic mail
16 from the holder, send notice by electronic mail if the
17 electronic-mail address of the apparent owner is known to
18 the administrator instead of by first-class United States
19 mail; or
20 (2) send the notice to the apparent owner's
21 electronic-mail address if the administrator does not have
22 a valid United States mail address for an apparent owner,
23 but has an electronic-mail address that the administrator
24 does not know to be invalid.
25 (c) In addition to the notice under subsection (b), the
26 administrator shall:
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1 (1) publish twice every year every 6 months in at
2 least one English language newspaper of general
3 circulation in each county in this State notice of
4 property held by the administrator which must include:
5 (A) an estimate of the total value of property
6 available to be claimed from received by the
7 administrator during the preceding 6-month period,
8 taken from the reports under Section 15-401;
9 (B) the approximate total value of claims paid by
10 the administrator during the preceding fiscal year
11 6-month period;
12 (C) the Internet web address of the unclaimed
13 property website maintained by the administrator;
14 (D) an electronic-mail address to contact the
15 administrator to inquire about or claim property; and
16 (E) a statement that a person may access the
17 Internet by a computer to search for unclaimed
18 property and a computer may be available as a service
19 to the public at a local public library.
20 (2) The administrator shall maintain a website
21 accessible by the public and electronically searchable
22 which contains the names reported to the administrator of
23 apparent owners for whom property is being held by the
24 administrator. The administrator need not list property on
25 such website when: no owner name was reported, a claim has
26 been initiated or is pending for the property, the
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1 administrator has made direct contact with the apparent
2 owner of the property, and in other instances where the
3 administrator reasonably believes exclusion of the
4 property is in the best interests of both the State and the
5 owner of the property.
6 (d) The website or database maintained under subsection
7 (c)(2) must include instructions for filing with the
8 administrator a claim to property and an online claim form
9 with instructions. The website may also provide a printable
10 claim form with instructions for its use.
11 (e) Tax return identification of apparent owners of
12 abandoned property.
13 (1) At least annually the administrator shall notify
14 the Department of Revenue of the names of persons
15 appearing to be owners of abandoned property under this
16 Section. The administrator shall also provide to the
17 Department of Revenue the social security numbers of the
18 persons, if available.
19 (2) The Department of Revenue shall notify the
20 administrator if any person under subsection (e)(1) has
21 filed an Illinois income tax return and shall provide the
22 administrator with the last known address of the person as
23 it appears in Department of Revenue records, except as
24 prohibited by federal law. The Department of Revenue may
25 also provide additional addresses for the same taxpayer
26 from the records of the Department, except as prohibited
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1 by federal law.
2 (3) In order to facilitate the return of property
3 under this subsection, the administrator and the
4 Department of Revenue may enter into an interagency
5 agreement concerning protection of confidential
6 information, data match rules, and other issues.
7 (4) The administrator may deliver, as provided under
8 Section 15-904 of this Act, property or pay the amount
9 owing to a person matched under this Section without the
10 person filing a claim under Section 15-903 of this Act if
11 the following conditions are met:
12 (A) the value of the property that is owed the
13 person is $5,000 or less;
14 (B) the property is not either tangible property
15 or securities;
16 (C) the last known address for the person
17 according to the Department of Revenue records is less
18 than 12 months old; and
19 (D) the administrator has evidence sufficient to
20 establish that the person who appears in Department of
21 Revenue records is the owner of the property and the
22 owner currently resides at the last known address from
23 the Department of Revenue.
24 (5) If the value of the property that is owed the
25 person is greater than $5,000, or is tangible property or
26 securities the administrator shall provide notice to the
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1 person, informing the person that he or she is the owner of
2 abandoned property held by the State and may file a claim
3 with the administrator for return of the property.
4 (6) The administrator does not need to notify the
5 Department of Revenue of the names or social security
6 numbers of apparent owners of abandoned property if the
7 administrator reasonably believes that the Department of
8 Revenue will be unable to provide information that would
9 provide sufficient evidence to establish that the person
10 in the Department of Revenue's records is the apparent
11 owner of unclaimed property in the custody of the
12 administrator.
13 (f) The administrator may use additional databases to
14 verify the identity of the person and that the person
15 currently resides at the last known address. The administrator
16 may utilize publicly and commercially available databases to
17 find and update or add information for apparent owners of
18 property held by the administrator.
19 (g) In addition to giving notice under subsection (b),
20 publishing the information under subsection (c)(1) and
21 maintaining the website or database under subsection (c)(2),
22 the administrator may use other printed publication,
23 telecommunication, the Internet, or other media to inform the
24 public of the existence of unclaimed property held by the
25 administrator.
26 (h) Identification of apparent owners of abandoned
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1 property using other State databases.
2 (1) The administrator may enter into interagency
3 agreements with the Secretary of State and the Illinois
4 State Board of Elections to identify persons appearing to
5 be owners of abandoned property with databases under the
6 control of the Secretary of State and the Illinois State
7 Board of Elections. Such interagency agreements shall
8 include protection of confidential information, data match
9 rules, and other necessary and proper issues.
10 (2) Except as prohibited by federal law, after January
11 1, 2022 the administrator may provide the Secretary of
12 State with names and other identifying information of
13 persons appearing to be owners of abandoned property. The
14 Secretary of State may provide the administrator with the
15 last known address as it appears in its respective records
16 of any person reasonably believed to be the apparent owner
17 of abandoned property.
18 (3) The Illinois State Board of Elections shall, upon
19 request, annually provide the administrator with
20 electronic data or compilations of voter registration
21 information. The administrator may use such electronic
22 data or compilations of voter registration information to
23 identify persons appearing to be owners of abandoned
24 property.
25 (4) The administrator may deliver, as provided under
26 Section 15-904, property or pay the amount owing to a
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1 person matched under this Section without the person
2 filing a claim under Section 15-903 if:
3 (i) the value of the property that is owed the
4 person is $5,000 or less;
5 (ii) the property is not either tangible property
6 or securities;
7 (iii) the last known address for the person
8 according to the records of the Secretary of State or
9 Illinois State Board of Elections is less than 12
10 months old; and
11 (iv) the administrator has evidence sufficient to
12 establish that the person who appears in the records
13 of the Secretary of State or Illinois State Board of
14 Elections is the owner of the property and the owner
15 currently resides at the last known address from the
16 Secretary of State or the Illinois State Board of
17 Elections.
18 (Source: P.A. 102-288, eff. 8-6-21; 102-835, eff. 5-13-22.)
19 (765 ILCS 1026/15-603)
20 Sec. 15-603. Payment or delivery of property to
21 administrator.
22 (a) Except as otherwise provided in this Section, on
23 filing a report under Section 15-401, the holder shall pay or
24 deliver to the administrator the property described in the
25 report.
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1 (b) If property in a report under Section 15-401 is an
2 automatically renewable time deposit and the holder determines
3 that a penalty or forfeiture in the payment of interest would
4 result from paying the deposit to the administrator at the
5 time of the report, the date for reporting and delivering the
6 property to the administrator is extended until a penalty or
7 forfeiture no longer would result from delivery of the
8 property to the administrator. The holder shall report and
9 deliver the property on the next regular date prescribed for
10 reporting by the holder under this Act after this extended
11 date, and the holder shall indicate in its report to the
12 administrator that the property is being reported on an
13 extended date pursuant to this subsection (b).
14 (c) Tangible property in a safe-deposit box may not be
15 delivered to the administrator until a mutually agreed upon
16 date that is no sooner than 60 days after filing the report
17 under Section 15-401.
18 (d) If property reported to the administrator under
19 Section 15-401 is a security, the administrator may:
20 (1) make an endorsement, instruction, or entitlement
21 order on behalf of the apparent owner to invoke the duty of
22 the issuer, its transfer agent, or the securities
23 intermediary to transfer the security; or
24 (2) dispose of the security under Section 15-702.
25 (e) If the holder of property reported to the
26 administrator under Section 15-401 is the issuer of a
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1 certificated security, the administrator may obtain a
2 replacement certificate in physical or book-entry form under
3 Section 8-405 of the Uniform Commercial Code. An indemnity
4 bond is not required.
5 (f) The administrator shall establish procedures for the
6 registration, issuance, method of delivery, transfer, and
7 maintenance of securities delivered to the administrator by a
8 holder.
9 (g) An issuer, holder, and transfer agent or other person
10 acting in good faith under this Section under instructions of
11 and on behalf of the issuer or holder is not liable to the
12 apparent owner for a claim arising with respect to property
13 after the property has been delivered to the administrator.
14 (h) A holder is not required to deliver to the
15 administrator a security identified by the holder as a
16 non-freely transferable security in a report filed under
17 Section 15-401. If the administrator or holder determines that
18 a security is no longer a non-freely transferable security,
19 the holder shall report and deliver the security on the next
20 regular date prescribed for delivery of securities by the
21 holder under this Act. The holder shall make a determination
22 annually whether a security identified in a report filed under
23 Section 15-401 as a non-freely transferable security is no
24 longer a non-freely transferable security.
25 (i) Virtual currency.
26 (1) If property reported to the administrator is
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1 virtual currency, the holder shall liquidate the virtual
2 currency and remit the proceeds to the administrator.
3 (2) The liquidation shall occur anytime within 30 days
4 prior to the filing of the report under Section 15-401.
5 The owner shall not have recourse against the holder or
6 the administrator to recover any gain in value that occurs
7 after the liquidation of the virtual currency under this
8 subsection.
9 (3) If a holder cannot liquidate virtual currency and
10 cannot otherwise cause virtual currency to be liquidated,
11 the holder shall promptly notify the administrator in
12 writing and explain the reasons why the virtual currency
13 cannot be liquidated. The administrator, in his or her
14 absolute and sole discretion, may direct the holder to
15 either (1) transfer the virtual currency that cannot be
16 liquidated to a custodian selected by the administrator,
17 or (2) continue to hold the virtual currency until the
18 administrator or the holder determines that the virtual
19 currency can be liquidated pursuant to this
Act or there
20 is an indication of apparent owner interest pursuant to
21 Section 15-210.
22 (Source: P.A. 102-288, eff. 8-6-21.)
23 (765 ILCS 1026/15-903)
24 Sec. 15-903. Claim for property by person claiming to be
25 owner.
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1 (a) A person claiming to be the owner of property held
2 under this Act by the administrator or to the proceeds from the
3 sale thereof may file a claim for the property on a form
4 prescribed by the administrator. The claimant must verify the
5 claim as to its completeness and accuracy.
6 (b) The administrator may waive the requirement in
7 subsection (a) and may pay or deliver property directly to a
8 person if:
9 (1) the person receiving the property or payment is
10 shown to be the apparent owner included on a report filed
11 under Section 15-401;
12 (2) the administrator reasonably believes the person
13 is entitled to receive the property or payment; and
14 (3) the property has a value of less than $5,000
15 $2,000.
16 (c) The administrator may change the maximum value in
17 subsection (b) by administrative rule.
18 (d) This Section is the sole administrative and legal
19 procedure for claiming property under this Act. Compliance
20 with this Section is required prior to exercising the
21 exclusive judicial remedy found in Section 15-906.
22 (Source: P.A. 102-835, eff. 5-13-22.)
23 (765 ILCS 1026/15-906)
24 Sec. 15-906. Action by person whose claim is denied. Not
25 later than one year after filing a claim under subsection (a)
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1 of Section 15-903, the claimant may commence a contested case
2 pursuant to the Illinois Administrative Procedure Act to
3 establish a claim by the preponderance of the evidence after
4 either receiving notice under subsection (b) of Section 15-904
5 or the claim is deemed denied under subsection (b) of Section
6 15-904. Any appeal from the administrator's decision pursuant
7 to the Illinois Administrative Procedure Act must be taken via
8 the provisions of the Administrative Review Law.
9 (Source: P.A. 102-288, eff. 8-6-21.)
10 (765 ILCS 1026/15-1302)
11 Sec. 15-1302. When agreement to locate property void.
12 (a) Subject to subsection (b), an agreement under Section
13 15-1301 is void if it is entered into during the period
14 beginning on the date the property was presumed abandoned
15 under this Act and ending 24 months after the payment or
16 delivery of the property to the administrator.
17 (b) If a provision in an agreement described in Section
18 15-1301 applies to mineral proceeds for which compensation is
19 to be paid to the other person based in whole or in part on a
20 part of the underlying minerals or mineral proceeds not then
21 presumed abandoned, the provision is void regardless of when
22 the agreement was entered into.
23 (c) An agreement under this Article 13 which provides for
24 compensation in an amount that is more than 10% of the amount
25 collected is unenforceable except by the apparent owner.
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1 (d) An apparent owner or the administrator may assert that
2 an agreement described in this Article 13 is void on a ground
3 other than it provides for payment of unconscionable
4 compensation.
5 (e) A person attempting to collect a contingent fee for
6 discovering, on behalf of an apparent owner, presumptively
7 abandoned property must be licensed as a private detective
8 pursuant to the Private Detective, Private Alarm, Private
9 Security, Fingerprint Vendor, and Locksmith Act of 2004.
10 (f) This Section does not apply to an apparent owner's
11 agreement between an owner and with an attorney to pursue a
12 claim for recovery of specifically identified property held by
13 the administrator or to contest the administrator's denial of
14 a claim for recovery of the property where the attorney has an
15 attorney-client relationship with the owner.
16 (g) This Section does not apply to an apparent owner's
17 agreement with a CPA firm licensed under the Illinois Public
18 Accounting Act, or with an affiliate of such firm, if all of
19 the following apply:
20 (1) the CPA firm has registered with the administrator
21 and is in good standing with the Illinois Department of
22 Financial and Professional Regulation;
23 (2) the apparent owner is not a natural person; and
24 (3) the CPA firm, or with an affiliate of such firm,
25 also provides the apparent owner professional services to
26 assist with the apparent owner's compliance with the
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1 reporting requirements of this Act. The administrator
2 shall adopt rules to implement and administer the
3 registration of CPA firms and the claims process under
4 this paragraph (g).
5 (Source: P.A. 100-22, eff. 1-1-18; 100-566, eff. 1-1-18.)
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2 Statutes amended in order of appearance
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2 Statutes amended in order of appearance
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